The Assam Finance Act, 1977

il\ 48 No. 48 Registered No. A-12 l The Assam Gazette ~}fl6~ct ' EXTRAORDINARY 91~-<ri\'!'W'f 1Wfi ~~ PUBLISHED BY AUTHORITY f~9f.:q, ~~~~1A', 31 ~tlf, 1977, 10 15'\!i, 1899 "t<!i Dispur, Thursday, 31st March. 1977, lOtli Chaitra, 1899 (~. E.), G6VERNMENT OF ASSAM ASSAM LEGISLATIVE ASSEMBLY SECRETARIAT NOTIFICATION The 31st March 1977 No.LJL~39/77/3 .-The following Act of the Assam Legislative Assembly which received the assent of the Governor is hereby publi­ shed for general information. 250 THE ASSAM GAZETTE. EXTRAORDINARY, MARCH 31, 1977 ASSAM ACT II OF 1977 (Received the assent of the Governor on 30th March 1977~ THE ASSAM FINANCE ACT, 1977. AN ACT to fix the rates of Assam Agricultural Income Tax and the Assam Purchase Tax for the financial year 1977-78i Preamble. Whereas it is expedient to fix the rates at which Assam Acts the Assam Agricultural Income Tax and the Assam 1~0~\~9 Purchase Tax ~hall be levied and charged under ofn 1967. the Assam Agricultural Income Tax Act, 1939 and the Assam Purchase Tax Act, 1967 for the financial year 1977-78. It is hereby enacted in the Twenty-eighth Year of the Republic of India as follows : - Short title, 1. ( 1) This Act may be called the Assam extent and Finance Act, 1977. commence- ment. (2 ) It extends to the whole of the State of Assam. , (3) It shall be deemed to have come into force on the 1st day of April, 1977. Rates of 2. The rates of Agricultural Income Tax for tgricul t¥-ra1 the year beginning on the 1st day of April, 1977 ncom~ ax. shall , for the purposes of sections 3 and 6 of the Assam Agricultural Income Tax Act, 1939, be the rates given below : - A. In the case sf every individual, Hindu undivided or joint family, firm and other associa­ tion of persons (other than companies)- (a) on the first Rs. 1,000 of total income. Rates; Nil. (b) on the next Rs. 2,500 of total . Five paise in the . rupee: income. (c) on the next Rs. 2,500 of total income. ' (d) on the next Rs. 2,500 of total income. Nine pa1se m the rupee. Fourteen paise in the rupee. • • "" THE ASSAM GAZETTE~ EXTRAORDINARY, MARCH 31, 1977 25J Rates. (e) on the next Rs. 2,500 of total income. Seventeen paise in the rupee. (f) on the next Rs. 2,500 of total income. Twenty-one paisein the rupee. (g) on the next Rs. 5,000 of total income. (h) on the next Rs. 30,000 of total income. Twenty-nine rupee. Thirty-nine rupee. paise in the paise IU the ,. ' on the next Rs 50,000 of total I 11 income. Fifty-two paise in .the rupee. (j) on the next RCJ. 1,00,0.00 of total . Sixty-five paisc in the rupee. income. (k) on the balance of total income. Seventy paise in the- rupee. B. In the case of every company- (a) The total income of which does Fifty-two paise in the rupee. not exceed Rs. 1,00,000, on the whole of total income, (b) The total income of which exceeds Rs. 1,00,000 but does not exceed Rs: 2,00,000, on the whole of total income. (c) The total income of which exceeds Rs. 2,00,000, on the whole of total income. Provided always that :- Sixty-five paise in the rupee. Seventy paise in the rupee. (i) no Agricultural Income-Tax shall be payable on a total Agricultural Income which does not exceed Rs. 8,000; (\i) in respect of paragraph A, the Agricultu­ . ral Income Tax payable · shall not exceed half the amount by which the total Agricultural Income exceeds Rs.8000; and (iii) in respect of paragraph B, the Agricultu­ ral Income Tax payable shall not exceed the difference between the total Agricul­ tural Income and the following limits :- ---- ·' 252 I.HE A5-SAM GAZETTE, EXTRAORO'INARY', MARC'H 3'(, 1'971 (a) rupees for ty-eight thousand increased by one percent of the excess of the total agricul­ tural income rover Rs. 1,00,000 in the case of every company I the total agricultural income of which exceeds Rs. 1,00,000 but does not ·exce~d Rs.,2,00,QOO; (b) rupees seventy thousand increased by two and half percent of the excess of the total agricultural income over Rs. 2,00,000 in the case of every company the total agricul­ tural income of which exceeds Rs.2 ,00,000, Rates of 3. The rates at which the tax shall be levied Assam At t Assam Pur- and collected on the purchase of the items of the XIX of chase Tax. S h 1967. chedule under t e Assam Purchase Tax Act, 1967, shall be as follows : ..:.... in respect of item. 1. in respect of items 2 and 3. in respect of item 4. Four paise per rupee value of the price at which the taxable goods are purchased. Three paise per rupee value of the price at which the tax.able goods are purchased. Two paise per rupee value of the price at which the taxable goods are purchased. U . TAHBILDAR, Secretary to the Government of Assam, Legislative Department. GAUHATI-Printed and published by the Supdt. i/c, Assam Govt. Printing Press, (Ex.Gazette) No, 95-J,625+100-31-3-77.